Taxation

It’s Time for South Korea to Embrace Cryptocurrencies, Says KRX Chief

At the stage of the 2021 Global ETP Conference, Sohn Byung-doo stated that the digital asset industry is not very different from capital markets. The exec emphasized the need for investor protection and transaction stability support. The KRX Chief Wants To Study Crypto So far, Bitcoin and cryptocurrencies remain outside the domestic regulatory scope that...
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Austria Plans to Treat and Tax Cryptocurrencies Like Stock Investments: Report

The Austrian authorities will reportedly tax bitcoin and the altcoins with the same percentage rate as mainstream stock and bond investments starting from March next year. Bitcoin to Be Like a Stock Investment A recent Bloomberg report reads that Austria wants to create fairness between the different classes of assets and impose a 27.5% capital...
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Opposing Political Party Suggests One Year Delay on South Korea’s Crypto Tax Law: Report

The People Power Party – the opposition party in South Korea – has reportedly proposed a one-year delay on the upcoming taxation rules on trading with digital assets. The lawmakers also intend to revise the tax rate percentage suggesting that investors who generate profits of more than $42,000 should pay 20%, while the initial legislation...
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US President Joe Biden Pushes for Tax Hikes, Here’s How it Could Affect Crypto (Opinion)

With his approval ratings battered by several failures in the withdrawal from Afghanistan, Joe Biden is turning his attention to massive infrastructure spending and expanding the government’s programs to provide a social safety net for Americans who are struggling. Biden Proposes Tax Hikes to Boost Washington’s Budget If passed, Biden’s tax plan would raise the...
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South Korea to Delay Cryptocurrency Taxation Laws: Report

The ruling Democratic Party of South Korea intends to delay the upcoming taxation policy of digital assets. According to the officials, taxing bitcoin and altcoin investors still lacks proper infrastructure. Delaying The Crypto Taxation The Democratic Party of South Korea has objections in regards to the upcoming law that plans to start taxing gains made...
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El Salvador Won’t Tax Foreign Investors on Bitcoin Profits

El Salvador’s President Nayib Bukele is looking to attract foreign capital to boost the Bitcoin industry in his country, especially after the controversial path he has gone through to get the cryptocurrency adopted as legal tender. A supposedly recent executive decision could be very favorable for bitcoiners in El Salvador… as long as they’re foreigners....
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India Reportedly Considering Taxing Gains from Cryptocurrency Trading

The Indian government continues with its indecisive approach towards the crypto industry. A recent report claimed that the authorities plan to implement new taxation on gains from digital asset operations instead of the recently-discussed ban. Citing sources familiar with the matter, the Economic Times reported that India is contemplating taking a different approach to the...
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Industry Grows Lobbying Efforts as U.S. House Takes Up Crypto Tax Proposal (Opinion)

With the gargantuan $1 trillion U.S. infrastructure bill in parliamentary limbo, the fate of the crypto tax proposal tacked onto it remains in question. Meanwhile, the cryptocurrency industry is getting organized with a new sense of urgency to lobby and campaign. The Senate has passed the trillion-dollar bipartisan infrastructure package without an amendment hoped for...
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Cardano Founder Charles Hoskinson Calls For Mass Rally Against U.S. Crypto Taxation Bill

Charles Hoskinson, Cardano’s founder and CEO of blockchain research company Input Output Hong Kong (IOHK), has urged the U.S. crypto community to rally against the recently proposed taxation policy. Hoskinson first took it to Twitter earlier this week, calling on digital asset proponents in the U.S. to rally in Washington DC to vent their grievances...
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Twitter’s Jack Dorsey Describes the Term “Broker” in Ongoing US Crypto Tax Bill Controversy

The controversy surrounding the cryptocurrency taxation bill that might be passed in the United States has evoked a mixed reaction from crypto proponents. While the debate is still ongoing, Jack Dorsey, a popular Bitcoin advocate and CEO of the popular microblogging platform, Twitter, has recently shared his views on the matter. In a series of...
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Elon Musk Supports Crypto Community Ahead of Crucial Taxation Vote in the US

The crypto community continues to rally the troops just hours ahead of the crucial vote on digital asset taxation from US Congress. This time, they have received support from one of the most influential people today – Elon Musk. CryptoPotato reported yesterday the controversy that arose from US authorities in regards to the country’s attempt...
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US Congress to Vote on New Cryptocurrency Taxation Bill Supported by President Biden Tomorrow

With new regulation and taxation on the cryptocurrency industry coming from the U.S., the situation just took another turn as President Joe Biden openly supported the highly unfavorable amendment proposed earlier by Senators Mark Warner and Rob Portman. Biden’s backing seems to target proof-of-stake assets, while mining appears untouched. Sitrep: Taxation and Regulation on Crypto...
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New Cryptocurrency Tax Legislation in The US to Raise $28 Billion

The American lawmakers proposed new cryptocurrency taxation that would raise nearly $28 billion in extra tax revenue. As part of it, digital asset investors in the US would have to report transactions that exceed $10,000 to the International Revenue Service. The Senate Aims to Collect More Taxes According to a recent Bloomberg report, the American...
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South Korea Seized $47M Worth of Crypto From Wealthy Tax Dodgers

The authorities of South Korea confiscated the cryptocurrency holdings of 12,000 people. The locals received charges of tax evasion, and 53 billion won or $47 million worth of BTC, ETH, and other digital assets were seized from them. The Largest Crypto Seizure for Back Taxes in Korean History Following a months-long investigation, the officials in...
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US Investors Now Have to Report Cryptocurrency Transactions Over $10K to the IRS

All transactions above $10,000 now have to be reported to the IRS for documentation and taxation purposes. This comes right after a major market-wide correction which saw the price of bitcoin tumbling down to $30K. IRS Doubles Down The IRS will be expanded with an $80B package aiming to increase their manpower and resources. Individuals...
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Indonesia Plans to Tax Crypto Trading

The Southeast Asian country of Indonesia considers a plan to tax trading with digital assets. However, a spokesman from the tax office revealed that the proposed scheme was still at the discussion stage, and no changes have yet been applied. The Crypto Environment in Indonesia The biggest economy in Southeast Asia – Indonesia – saw...
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Kraken Required to Provide Data on User Transactions Higher Than $20K to the IRS

A Californian court required Kraken to provide information on users who executed crypto deals for the equivalent of $20,000 or more between 2016 and 2020 to the IRS. The order comes amid growing concerns of strict cryptocurrency regulations coming for the United States. ‘John Doe Summons’ for Kraken A federal court in the northern part...
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Officials of South Korea’s Watchdog Have to Report Crypto Holdings by May 7

South Korea continues to reaffirm its grip on crypto regulations as the country’s regulator has ordered all of its officials to report their digital asset holdings. Additionally, the nation’s Financial Minister said that South Korea will “inevitably” impose taxes on gains from virtual asset trading next year. FSC Employees to Report Crypto Investments The East...
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Russian Investors Are Complying With the Tax Bill on Cryptocurrency Gains  

Russian cryptocurrency investors have started complying with authorities to provide information about their crypto dealings and pay the stipulated taxes.  According to a report by local news outlet Izvestia, several accounting and legal firms, including FTL and PwC, noted that they had recorded a surge in compliance with the tax legislation.  Cryptocurrencies Are Properties  The...
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Korean Authorities Apprehend Bitcoin Tax Evaders

On the flip side of growing bitcoin adoption, the digital asset is being used to elude taxes in Korea. The intensified effort of the country’s tax agency towards curbing the menace is yielding results, according to a recent report. Nothing is Hidden Under The Chain Last month, the Korean government finalized its decision to levy...
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IRS NFT Surprise: Authorities to To Levy Taxes on NFT Purchases From Crypto Gains

There’s a not-so-subtle reminder for NFT maniacs in the United States amidst the ongoing frenzy – NFT purchases made with cryptocurrency capital gains attract taxes to the tune of 20%. Tax-free? Of Course Not … If you paid for a digital collectible with your BTC or ETH gains, then you need to think of the...
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India Reportedly Considers 18% Tax On All Bitcoin Transactions

Although India still displays uncertainty in its approach towards cryptocurrencies, the local government is reportedly considering implementing an 18% goods and services tax on BTC transactions. With such transactions exceeding $5 billion annually, the newly proposed tax could generate additional revenue of about $1 billion. 18% Tax On BTC Transactions In India? According to the...
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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend. Taxing Crypto Gains According to local media, the Indian Tax Department is already in...
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Bitcoin Skeptic Peter Schiff’s Bank Investigated for Allegedly Serving Top Criminals

Peter Schiff may hate Bitcoin for having no value and being the money of criminals. Still, his bank Euro Pacific Capital is not without its sins either. A joint investigation by the tax authorities of Australia, the Netherlands, Canada, the United Kingdom, and the United States has Peter Schiff’s bank targeted for allegedly facilitating tax...
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US Crypto Tax Avoiders Beware: The IRS Updates 1040 Tax Form

The Internal Revenue Service (IRS) seems to have found a way to block crypto tax evasion, following an update of its tax form. IRS: No Excuses for Crypto Traders According to the Wall Street Journal on Friday (September 25, 2020), the IRS is planning to alter its 1040 tax form. The revised tax form will...
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New Israeli Bill Proposes to Consider Bitcoin as a Currency and Not an Asset

A newly-proposed bill with the legislative branch of the Israeli government Knesset submitted several changes to Bitcoin’s taxation. Instead of viewing BTC as an asset and subjecting sales to capital gains tax of 25%, the new legislation plans to recognize it as a currency. New Proposal: Bitcoin As a Currency Not An Asset According to...
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Tax Payment in Bitcoin and Ethereum Will Soon Be Accepted In Zug Switzerland

Zug, a canton in Switzerland, will be the first canton to start accepting cryptocurrency for tax payment purposes starting from February 2021. Zug Canton Partners with Bitcoin Suisse for Crypto Tax Payment According to an announcement by the canton on Zug on Thursday (September 3, 2020), taxpayers in the canton will have the option of...
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Venezeula Could Start Collecting Taxes And Sanctions in Cryptocurrencies

Venezuela’s Bolivarian Council of Mayors has signed a new tax agreement in 305 municipalities across the country. Called National Tax Harmonization Agreement, it will allow the nation to raise taxes and sanctions using the nation’s cryptocurrency – the Petro. Cryptocurrency Tax Collection In Venezuela According to the recent local report, the mayor of the Libertador...
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US Government Misses Deadline to Release Cryptocurrency Regulations

The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said. Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045 Erika Nijenhuis, senior counsel at the US...
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South Korea Should Tax Cryptocurrency Trading Profits, Says Finance Minister

A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law. South Korea To Impose Tax On Crypto? The Asian country has been...
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